Finmeccanica have reported on their financial year to 31 December 2015, and as part of the announcement will put a proposal to the shareholders to change the company name to Leonardo. From the helicopter industry point of view, this comes less than three months after AgustaWestland officially became “Finmeccanica, Helicopters Division”. The press release follows:-
The Finmeccanica Board of Directors, which met today under the chairmanship of Gianni De Gennaro, examined and unanimously approved the draft financial statements and the consolidated financial statements at 31 December 2015. The 2015 was a turning point for Finmeccanica, both from a strategic and organizational point of view and in terms of economic and financial, with the full achievement of the first challenging objectives in the business plan in January 2015, among which it highlights the sales in the Transport (Ansaldo Breda and the stake in Ansaldo STS), the adoption of the new operating model and organizational with the launch of the “One Company” and achieving results in strong growth and better than expected. the different initiatives move towards the goal of reviewing the positioning of the Group in terms of business areas and product portfolio, define and implement a new operational governance model and to pursue appropriate actions to improve efficiency, restructuring and development, in a different relationship with the market characterized by greater selectivity of acquired contracts which, together with the improvement of industrial performance, ensures a growing solidity and quality of the backlog. All this is part of the Group’s strategy to focus on a business structure, Defence and Security more concentrated, but able to ensure adequate levels of profitability and cash generation.
The 2015 results confirm the significant improvement of the Group under the economic and financial profile over the previous year, in line with what was already mentioned in 3 quarters. In particular, Finmeccanica has recorded significant growth in 2015 in terms of profitability, an increase in the level of EBITDA by 19% compared to 2014, of 23% EBITA of 48% EBIT.The Ordinary Net Income, by eliminating the result from the gain recognized on the sale in the transport sector, it is 17 times higher than that of 2014 (€ mil. 253, compared with € mil. 15 in 2014). The increase is even more significant at the net result level (inclusive of the gain), which is equal to 26 times the profit of 2014, rising from € mil. 20 to € mil. 527.
Similarly, the free operating cash flow reached 307 million euro, compared to a value of 2014 amounted to € mil. 65, an increase of 372%, helping to reduce the Group’s debt at 3.278 billion (down by 17% compared to the end of 2014), thanks to the successful conclusion of sales transactions in the transport sector, which generated revenues total profit of EUR 790 million, of which EUR 761 million for the sale of shares Ansaldo STS and Euro 68 million on the sale of real estate properties of FGS complex, compared with a loss of Euro 38 million for the branch Ansaldo Breda.
Consequently, the debt-to-equity fell to 0.76. In detail, the results for 2015, which does not include the contribution of the transport sector assets sold to Hitachi and separately classified as a discontinued operation, highlight:
See full report – in Italian – here